Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
If you’re short on cash, Bree offers cash advances of up to $350 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
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We all wish we could be world class savers, but unfortunately, this isn’t always the case for many Canadians, especially for those who live in high-cost areas like Montreal. Having money set aside for things like emergencies, travel, and other expenses isn’t easy if you are spending a lot every month on rent, mortgage payments, student loans, car payments, etc.
As a result, it is very important for people to have the option to take out personal loans if they need. Unfortunately, many consumers simply aren’t that knowledgeable on the best borrowing options for their needs, so it can be tough to secure the right loan.
Learn how to get the right personal loan for your needs, click here.
What are Lenders Looking For When Approving a Personal Loan In Montreal?
One of the first things to think about when applying for a loan is to be aware of what lenders are looking for. While every lender is different and will have different rules and requirements, there are a few different things that the majority of lenders look for when it comes to lending:
They will look for a stable income, to prove that you have money coming in and will be able to keep up with your payments and have the ability to fully repay your loan.
They will look to ensure that your credit score is suitable and will also look at your credit as a whole and see how you have handled debt in the past.
While this isn’t an exhaustive list of all that they will look for, it gives you a good glimpse of what they are after, so you can make yourself the most attractive applicant possible.
Using a Personal Loan to Improve Your Credit
If you are looking to easily and simply improve your credit over time, taking out a personal loan in Montreal can actually help. First of all, making regular payments on debt (which you do with a personal loan), shows promise and potential to lenders and credit bureaus.
Over time, if you continue to make these payments in full and don’t get into any another credit or debt-related trouble, you will be well on your way to a better credit score in a few months. Of course, there are some tips and rules that you should abide by when taking out a loan to improve your credit, and they include:
Make sure to take out a loan that you can afford to repay easily
Ensure that you make your payments on time or else it will end up hurting your credit score and credit in general
Check out this infographic to learn more about your credit score.
Credit Card vs. Personal Loan
A personal loan isn’t the only way to make large or emergency purchases that you may have. Many consumers will use and/or open a credit card to cover these costs instead. So now you may be curious about which is the best option for you.
Consider Your Needs
The answer to that is tough because each is good in different situations. For example, if the purchase is relatively small, a credit card is usually fine, as you will be able to pay it off quickly. However, if the expense is large, a loan is generally better as they often have lower interest rates which will cost you a lot less in the long run.
While each option has their place and will work for different people in different situations, if you feel like using a credit card instead of a loan, there is something that you should be aware of.
Beware of The Cycle of Debt
Credit cards can easily get you stuck in a cycle of debt, due to the minimum payment trap (read more about this here). Whichever option you choose, make sure you spend a lot of time thinking about it and considering all the different options at your disposal.
Personal Loans Made Easy
There is no reason why finding and securing a personal loan needs to be difficult. Let us help you out and show you how easy finding a personal loan in Montreal can be.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
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